GOLD TESTS SUPPORT AND MOVES BACK ABOVE $2,500

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Last week’s Gold trading was definitely very volatile, setting an all-time high of $2,532 and trading as low as $2,470 per ounce. Gold closed at $2,512 per ounce on Friday, up $4 for the week.

Last week we saw heavy profit-taking, especially during Asian trading, but closed strongly on Friday after hearing from Federal Reserve Chairman Jerome Powell. Chairman Powell made it clear that the long-expected cuts in the Fed Fund interest rates will start next month and we will see multiple rate cuts over the next calendar year.

Most of the major U.S. economic indicators, CPI, Jobless claims, PPI and National deficit are all helping Gold move higher. They are driving down the value of the U.S. Dollar Index (under 101) and 10-Year Treasury Bill (under 3.8%), which is boosting demand for Gold. Reports from the World Gold Coin show that Central banks and public demand, especially in India and China, are still growing at an extraordinary pace.

Gold should reach $2,600 in September and at least $2,800 per ounce by year-end. Gold’s price volatility has certainly increased this year and that should continue for a while. Daily $30 or more increases and declines in the Gold price will probably continue as well.

Today: Gold reached a new All-Time high of $2,527 per ounce in early Middle East and European trading before seeing short-term profit-taking. Gold firmly holds above the key $2,500 level after comments by the Federal Reserve Chairman last week.

Last week, Silver traded between $29 and $30 per ounce and closed on the highs of the week at $29.80 per ounce, up $0.73 for the week. Silver appears to have sizeable support above the $29 per ounce level. With the price of Gold over $2,500, Silver is getting lots of attention in major commodity markets around the world. Right now, the Silver-to-Gold ratio is at 84-to-1, but I believe we’ll see that number down to 75-to-1 by year end.

Today: Silver reached a high of $30.24 per ounce when Gold reached it high during early trading.
Silver has spent most of today’s trading moving above and below the key $30 per ounce level.

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